SPAIN AUCTION RESULTS: Relatively strong auction

Feb-02 09:56
  • The Spanish auction saw a relatively strong result with the LAP above the pre-auction mid-prices for all bonds on offer. In fact, the LAP was higher than at any time during the last 55 minutes ahead of the auction close for all of the bonds sold.
  • In terms of bid-to-covers these were generally in line with prior auctions.
  • All in all, a relatively strong auction with close to the mid-point of the target amount sold. Overall, we would say a bit stronger than the second January auction but weaker than the first auction of the year.

Historical bullets

EQUITIES: Eurostoxx Futures Trade Through 3857.60 Key Short-Term Resistance

Jan-03 09:49

EUROSTOXX 50 futures remain above the December lows. The contract has topped resistance at the 20-day EMA which intersects at 3857.60 and marks a key short-term hurdle. A clear breach of this level would suggest potential for a stronger recovery. Gains are considered corrective - for now. A resumption of weakness and a break of 3753.00, the Dec 20 low, would resume the recent downtrend. The key bull trigger is 4043.00, Dec 13 high. S&P E-Minis trend signals remain bearish and the contract is trading closer to its recent lows. Short-term gains are considered corrective with resistance at 3926.25, the 50-day EMA. A clear break of this hurdle is required to suggest potential for a stronger recovery. On the downside, a break lower would confirm a resumption of the downtrend and open 3778.45, a Fibonacci retracement.



  • In China the SHANGHAI closed higher by 27.254 pts or +0.88% at 3116.512 and the HANG SENG ended 363.88 pts higher or +1.84% at 20145.29.
  • Across Europe, Germany's DAX trades higher by 168.69 pts or +1.2% at 14237.27, FTSE 100 higher by 151.07 pts or +2.03% at 7602.58, CAC 40 up 69.33 pts or +1.05% at 6664.09 and Euro Stoxx 50 up 48.64 pts or +1.26% at 3905.11.
  • Dow Jones mini up 312 pts or +0.94% at 33602, S&P 500 mini up 39.25 pts or +1.02% at 3900.75, NASDAQ mini up 121.25 pts or +1.1% at 11143.75.

SCHATZ: Block trade

Jan-03 09:42

Schatz block, suggest buyer.

  • DUH3 4.3k at 105.605.

EURIBOR OPTIONS: Put fly buyer

Jan-03 09:38

ERH3 97.00/96.875/96.75p fly, bought for 3 in 5k